Aliko Dangote has confirmed that Nigeria has the cheapest petrol prices among its West African neighboursThe low petrol prices have been credited to his refinery, which is now the major supplier of petroleum products to West African countriesSince the 650,000 bpd refinery began production, there has been a relative ease in petrol prices for NigeriansLegit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Aliko Dangote, President of the Dangote Group, has said that Nigerians are currently paying 55% less to the average price of Premium Motor Spirit (petrol) in West African countries,
He disclosed this when he welcomed Omar Touray, the President of the Economic Community of West African States Commission (ECOWAS), to its refinery facility on Sunday, June 1.
Aliko Dangote says Nigeria has the cheapest petrol price in West Africa
Photo credit: Bloomberg/contributor
Source: Getty ImagesIn a statement released after the visit, Dangote spoke on the importance of the refinery to West Africa and how it has already helped reduce petrol price in Nigeria to between N815 and N820 per litre from the high of N1,000 per litre
No more N1,000: Dangote compares Nigeria’s new fuel price to 16 other countries
Dangote said:
““Many Nigerians don’t realise that they are currently paying just 55% of what others in the region are paying for petrol”Last year, when we began diesel production, we were able to reduce the price from N1,700 to N1,100 at a go, and as of today, the price has crashed further. “This reduction has made a significant impact across various sectors. It has supported industries, benefited those of us in mining, and provided vital relief to the agricultural sector. The effect has been far-reaching.”Africa’s richest man also pointed out that Nigerians are benefiting from local refining, as petrol prices have dropped significantly compared to neighbouring countries.
He noted:
“In neighbouring countries, the average price of petrol is around $1 per litre, which is N1,600. But here at our refinery, we’re selling at between N815 and N820. “Many Nigerians don’t realise that they are currently paying just 55 per cent of what others in the region are paying for petrol.”The industralist also noted that the Dangote refinery is fully equipped to meet the petroleum needs of Nigeria and the entire West African region, countering claims that the facility could not produce enough for local and regional demand.
Petrol price in Nigeria is 55% cheaper compared to other African countries.
Source: Getty ImagesECOWAS reacts to Dangote refineryThe ECOWAS Commission President described the refinery as a “beacon of hope” and called it a powerful example of what Africa’s private sector can achieve in driving regional industrialisation.
Touray also praised the refinery’s adherence to Euro V fuel standards, noting that most imported fuels in the region fail to meet ECOWAS environmental and health requirements.
Touray urged African leaders to work closely with the private sector to create policies that support large-scale industrial projects, saying the continent must shift from import dependence to domestic production.
Touray words:
“The ECOWAS Commission will do everything to open up the ECOWAS market to the Dangote Group, if not the entire African continent.”Dangote refinery slashes N10 off petrol prices for customersEarlier, Legit.ng reported that Dangote Refinery is refunding marketers N10 per litre after product loading, effectively reducing the ex-depot petrol price
The rebate allows marketers to sell petrol at a lower rate to Nigerians buying from their filling stations nationwide.
The price adjustment is part of Dangote’s strategy to dominate the fuel market amid ongoing petrol imports.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng
